Nigeria in 1min: Economic, Business & Financial Headlines – 060116



January 6, 2016 7:30 AM / Proshare News

Devaluing the Devaluation Delusions - Christine Lagarde, the Managing Director (MD) of the IMF is currently visiting Nigeria. Following her meetings with the Nigerian Authorities including President Buhari, the IMF’s MD was at pain to emphasize that she was not in the country to negotiate an IMF loan program, which often include a devaluation pill, with Nigeria. Source Proshare Read More

Nigeria has no need for loans, says IMF - RATHER than agonise over the nation’s economic future, Nigerians should look forward with optimism. And to achieve this future, Nigeria does not need to borrow. Source Guardian Read More

Govt raises capital expenditure for agriculture by 434% - The allocation for capital expenditure in the budget estimates of the Federal Ministry of Agriculture as contained in the 2016 Appropriation Bill is 434.7 per cent higher than what was approved for the ministry in 2015. Source Punch Read More

FG to spend N65bn on warplanes, weapons, others - The Federal Government is proposing to spend N65.03bn for the acquisition of various military aircraft, combat equipment, trucks and maintenance of boats among others in the 2016 fiscal period. Source Punch Read More

FG votes N258m for new private jet terminal at Abuja airport - The Ministry of Transport plans to spend N258m to construct a new terminal for private jet operations at the Nnamdi Azikiwe International Airport (NAIA), Abuja, in the need to meet the growing demand for non-scheduled flights services in the country. Source Daily Trust Read More

Govt shuts Oshodi market, relocates traders - The Lagos State Government has shut the Owonifari Market in the Oshodi area and relocated affected traders and shop owners to a newly built Isopakodowo Market in the Bolade area, also in Oshodi. Source Punch Read More

MPC's call for unconventional policy tools on CRR - The communiqué at the end of the meeting of the monetary policy committee (MPC) in late November regretted that the reduction in banks’ cash reserve requirement (CRR) two months previously from 31% to 25% had only benefited borrowers in sectors with low employment elasticity. Source Proshare Read More

Ikpeazu presents N96.7b 2016 appropriation bill to Abia lawmakers - Abia State governor, Dr Okezie Ikpeazu, has presented his 2016 budget proposal of N96.7 billion to the state house of assembly members which he tagged “ The Budget of Restoration Through Enterprise,” which he said was anchored on the International Public Sector Accounting Standard ( IPSAS). Source Guardian Read More

2016: States increase expenditure by N700bn - INSPITE of the dwindling economic fortunes of the country and projected drop in revenue accruals from the Federation Account the cumulative financial figures of state governments has shown that about 12 states have effected huge increases in expenditure totalling N697 billion in their 2016 budget with economy experts saying they will run into funding crises. Source Vanguard Read More

Lagos tackles unemployment with N25bn Trust Fund Law - Governor Akinwunmi Ambode of Lagos State yesterday signed into law the N25billion Employment Trust Fund, ETF bill, aimed at tackling the high rate of unemployment in the state. Source Vanguard Read More

Fuel scarcity, hazy weather: Domestic airlines cancelled 29,775 flights in 2015 - Nine Nigerian domestic airlines cancelled 29,775 flights in 2015, as the shortage of aviation fuel, bad weather and other operational deficiencies weighed in on the carriers in 2015. Source Daily Trust Read More

Share of World Living in Poverty to Fall Below 10%, Says World Bank - Since 1990, the number of people living in extreme poverty has been decreasing, even as the world’s population has grown, the World Bank has stated. Source Thisday Read More


2016 Budget: Power Ministry To Spend N20.6bn On Electricity - The Ministry of Works, Power and Housing is to spend N20, 692,987,864 on the provision of electricity to its corporate headquarters in Abuja. Source Daily independent Read More

FG to generate $7.5bn from grid solar energy - THE Minister of Environment Hajiya Amina Mohammed has projected that the country can generate $7, 5 billion (about N15 trillion) from of grid solar energy. Source Vanguard Read More

FG moves to bring 3m consumers into prepaid metering system - Federal Government is stepping in to see how the gap in prepaid metering in the country is bridged such that the estimated 3 million electricity consumers left out can be brought into the system. Source BUSINESSDAY Read More

POWER OUTAGE: 10 communities in Edo lament 5 yrs of darkness - 10 communities in Ovia North-East local government area of Edo State have lamented the absence of electricity in their area in the last five years. Source Vanguard Read More


CBN to Sell $10,000 To BDCs as Naira Gains Strength - The Central Bank of Nigeria (CBN) has said it will be selling $10,000 each to the 2699 licensed BDCs at the first dollar sales of the year today, Wednesday, January 6, 2016, even as the value of the naira strengthened to N262 to the dollar. Source Leadership Read More


Year-end Review: NSEASI Closes Year 2015 with -17.36% Loss - Dec'15 SSS Report - Nigerian Equities Market closed the year 2015 in the negative territory as NSEASI recorded -17.36% loss as against -16.14% loss recorded in 2014. The two-day rally witnessed in the last trading days of the year contributed to the reduction of total market loss earlier recorded while market regulators will look up to providing more products to deepen the market in the new year. Source Proshare Read More

Equities market sustains meltdown pattern on active sell - The equities market closed today on a negative note, as NSE ASI depreciated by 0.95% to close at 28,102.14basis points, compared with the 0.95% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.89% Source Proshare Read More


Naira falls to 267.5 as dollar demand rises - The demand for the United States’ dollar at the parallel market was up on Tuesday, driving down the naira to 267.5 against the greenback. Source Punch Read More

Forex Restrictions: Nigerians Throng Ghana, Togo, Benin To Source Dollars - Following the various restrictions in the Nigerian foreign exchange market as well as the ban on the usage of naira denominated cards outside the country, some Nigerians have resorted to buying dollars from neighboring countries to be able to pay school fees of their wards schooling outside the country. Source Leadership Read More

Cement producers to CBN: Forex policy hurting economy - Cement Producers Association of Nigeria (CPAN) has urged the Central Bank of Nigeria (CBN) to reconsider its foreign exchange (forex) policy that compels exporters to sell their forex earnings at the CBN’s official exchange rate of N197 to the dollar instead of allowing them to sell at the open market. Source THE NATION Read More

Total COT Eradication to Weigh on Banks' Non-interest Income - The complete phase-out of commission on turnover (COT) from the Nigerian banking industry, which began on Monday, is expected to negatively affect banks' non-interest income this year. Source Thisday Read More

BoI’s support ramps up cable manufacturing by 30,000MT - Bank of Industry (BoI)’s support has facilitated the realisation of a local production capacity of about30,000 The metric tonnes (MT) in wires and cables in the country. Source BUSINESSDAY Read More


Lagarde Arrives Nigeria on 4-day Visit - The Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde, arrived Nigeria on Monday, January 4, 2016, to begin a four-day visit during which she will meet with President Muhammadu Buhari. Source Proshare Read More

FLOURMILL Appoints Mr. Joseph Odion Umolu as Company Secretary - The board of Director Flour Mills of Nigeria PLC  has announced the retirement of Alhaji Olalekan Saliu, as company secretary with effect from Thursday 31st December 2015 while he remain on FMN’s board as a non-executive director. Source Proshare Read More

Buhari reappoints Ibrahim as NDIC MD - President Muhammadu Buhari has re-appointed Umaru Ibrahim as the Managing Director/ Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC) for tenure of five years. Source Daily Trust Read More


21 Internet service providers’ expected to renew licences in 2016 - ABOUT 21 Internet Service Providers (ISPs) operating in Nigeria are expected to renew their operating licenses in 2016 following their expiration of their permit. Source Guardian Read More

NCC to design legal framework for local roaming services - The Nigeria Communication Commission (NCC) is set to design a legal framework tagged the National Mobile Roaming (NMR) for domestic roaming service. Source Daily Trust Read More

Ikpeazu Writes INEC, Says He Remains the Governor - Abia State Governor,  Dr. Okezie Ikpeazu, has written to the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, asking him to respect the constitution and not to do any thing that will tamper with his office as the governor of Abia State. Source Thisday Read More

Nigeria’s crude oil export dips by N4.4trn in 9 months - A sharp decline was recorded in revenue accruable to the Federal Government from the petroleum sector, as the country’s earnings from crude oil export dropped to N5.271 trillion for the nine month period, January to September 2015. Source Vanguard Read More

Refineries producing 6.76 million litres of petrol – NNPC - The Nigerian National Petroleum Corporation on Tuesday announced that the nation’s three refineries in Kaduna, Port Harcourt and Warri had attained a combined daily production capacity of over 6.76 million litres of petrol. Source Punch Read More

FG to establish inter-ministerial committee to fast track NNPC’s reforms - President Muhammadu Buhari Tuesday said his administration would soon establish an inter-ministerial committee to speed up the reorganisation and reformation of the Nigerian National Petroleum Corporation (NNPC). Source BUSINESSDAY Read More

Marketers must sell petrol at N86.50 – TUC, NUPENG - The Trade Union Congress of Nigeria and the Nigeria Union of Petroleum and Natural Gas Workers have stressed the need for strict compliance with the new pump price of Premium Motor Spirit, also known as petrol, as the product is still being sold above the regulated price in many parts of the country. Source Punch Read More

Oil Price and 2016 Budget Benchmark - The plunge in oil price at the international market has been a major challenge for Oil-exporting countries which Nigeria is one with majority struggling with a budget that won’t balance. Source Proshare Read More

NNPC has been abused, says Buhari - PRESIDENT Muhammadu Buhari yesterday declared that the nation’s oil giant, the Nigerian National Petroleum Corporation, (NNPC), had suffered all forms of abuse by the various operatives in the past, pledging to restore its lost glory. Source Guardian Read More

Africa’s oil supply to decline by 30,000bpd in 2016 - THERE are indications that Africa’s oil supply would decline by 30,000 barrels per day (bpd) to average 2.31million bpd in 2016, going by the projections of the Organisation of Petroleum Exporting Countries (OPEC). Source Guardian Read More

Shell finalises $2.3 billion debt payment to Iran - The National Iranian Oil Company (NIOC) and Royal Dutch Shell have reached a final deal on how the Anglo-Dutch company must clear its debt of $2.3 billion outstanding since 2011, according to an NIOC official. Source Guardian Read More

Ecuador Seeks Nigeria’s Support To Halt Crude Price Slide - Ecuador, a major oil producing country has called for the cooperation of Nigeria as part of the efforts to halt the free fall of price of crude oil at the international market. Source Daily independent Read More

Scarcity: Petrol Sells For N120 Per Litre In Pankshin - Petrol scarcity bites harder in Pankshin Local Government Area of Plateau as a litre is being sold for N120. Source Leadership Read More

Gold Advances for Second Day as Investors in `Risk-Off' Mode - Gold rallied a second day at the start of a month that’s been the strongest for the metal in recent years. Bullion rose on Tuesday as Middle East tensions helped spur haven demand. Source Reuters Read More


Asia stocks fall on China yuan, economy worries - Asian stocks fell on Wednesday as Beijing continued guiding the yuan lower and a survey pointed to weakness in China's services sector, while the Japanese yen drew support from risk aversion. Source Reuters Read More

European shares end higher as mining, telecoms stocks gain -  European shares closed up on Tuesday, supported by a rally in mining and telecoms stocks, though worries over China persisted a day after poor Chinese factory data triggered a global stock market sell-off. Source Reuters Read More

Uganda's treasury lowers 2015/16 growth, citing costly credit - Uganda's finance ministry has lowered the East African country's 2015/2016 (July-June) economic growth forecast to 5 percent from a previous projection of 5.8 percent, citing the impact of higher lending rates. Source Reuters Read More

Angola's kwanza weakens more than 15 percent against dollar - cbank data - Angola's kwanza tumbled more than 15 percent against the dollar on Monday, central bank data showed, as Africa's second-largest oil exporter reels from weak global oil prices and high demand for the more stable dollar. Source Reuters Read More

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